What are the most common mistakes to avoid when analyzing a competitor's product?

3 Mistake 3: Ignoring the context and the customer

A third common mistake is to ignore the context and the customer when analyzing a competitor's product. This means that you do not consider how the product fits into the market, the industry, or the customer's situation and needs. For example, you should not compare your product and your competitor's product in a vacuum, without taking into account the trends, challenges, opportunities, or regulations that affect them. Similarly, you should not assume that all customers have the same needs, preferences, or expectations and that your product is the best solution for everyone. Instead, you should tailor your analysis to the specific context and the customer's profile, goals, and pain points and show how your product can help them achieve their desired outcomes.

4 Mistake 4: Being negative or disrespectful

A fourth common mistake is to be negative or disrespectful when analyzing a competitor's product. This means that you use harsh, aggressive, or derogatory language or tone to criticize or belittle your competitor's product or company. For example, you should not use words like "terrible", "useless", "worthless", or "scam" to describe your competitor's product or imply that they are incompetent, dishonest, or unethical. Instead, you should be respectful, professional, and objective and focus on highlighting your product's strengths, advantages, and unique value proposition.

5 Mistake 5: Forgetting to follow up and close

A fifth common mistake is to forget to follow up and close after analyzing a competitor's product. This means that you do not use the analysis as an opportunity to move the customer along the sales funnel, overcome their objections, or ask for their commitment. For example, you should not leave the analysis hanging or unfinished, without summarizing the main points, addressing the customer's questions or concerns, or suggesting the next steps. Instead, you should use the analysis as a way to build rapport, trust, and confidence and to guide the customer towards a decision or action.

Analyzing a competitor's product is a valuable skill that can help you stand out from the crowd and win more sales. However, you need to avoid these common mistakes and follow these best practices to do it effectively and professionally.